Common use of Investment of Cash Collateral Clause in Contracts

Investment of Cash Collateral. (i) Until Bank receives Proper Instruction from Lender, directing Cash Collateral to be invested otherwise, Cash Collateral shall be invested in the investment vehicle designated on Appendix 1 (and with any such directed investment being a “Cash Collateral Investment Directed By Lender”). Appendix 1 may be amended at any time by Lender or Adviser to delete types of permissible investments upon five Business Days’ prior notice to Bank. Appendix 1 may also be amended by written agreement between Lender or Adviser (acting in its capacity as an Authorized Person) and Bank. (ii) Authorized Investments are made for the account of, and at the sole risk of, Lender. Bank shall have no fiduciary or other responsibility with respect to Lender’s decision to invest in any Cash Collateral Investment Directed By Lender. In that connection, Lender shall pay to Bank on demand in cash an amount equal to any deficiency in the amount of Collateral available for return to a Borrower pursuant to the applicable MSLA. In addition, to the extent that Bank is unable to access and/or liquidate any Cash Collateral Investment Directed by Lender and provided that the Bank has timely issued a redemption order to the Cash Collateral Investment Directed By Lender, the Replacement Period under Section 7(c) shall not begin to toll until Bank is able to access and/or liquidate the Cash Collateral Investment Directed By Lender. Bank is authorized to select brokers and dealers for the execution of trades in connection with the investment of Cash Collateral, which broker or dealer may be an Affiliate of the Bank or Lender only if permitted and in accordance with the conditions in the ‘40 Act and the rules thereunder. Bank shall not invest Cash Collateral in securities issued or underwritten by, or enter into repurchase agreements with or purchase or sell Cash Collateral investments to or from Affiliates of Bank or Lender unless such securities are expressly permitted herein or by Appendix 1.

Investment of Cash Collateral. (ia) Until Bank receives Proper Instruction Each Lender shall have the right, pursuant to the SLA, to invest cash Collateral received in respect of any loan, subject to an obligation, upon the termination of the loan, to return to the borrower the amount of cash initially pledged (as adjusted for any subsequent marks-to-market). Each Lender shall direct GSAL and/or Custodian, from Lendertime to time, directing Cash as to the manner and means by which such cash Collateral is to be invested otherwiseand the types of permissible investments. Until contrary instructions are furnished to GSAL by Lender, Cash the Collateral shall Agent is authorized and directed to cause all cash collateral to be invested in the investment vehicle designated on Appendix 1 following investments (and with any such directed investment being a “Cash Collateral Investment Directed By LenderPermissible Investments”). Appendix 1 may be amended at any time by Lender or Adviser to delete types ) (i) Capital Class Shares of permissible investments upon five Business Days’ prior notice to Bank. Appendix 1 may also be amended by written agreement between Lender or Adviser (acting in its capacity as an Authorized Person) and Bank. JPMorgan Prime Money Market Fund; (ii) Authorized Investments are made for the account of, and at the sole risk of, Lender. Bank shall have no fiduciary or other responsibility with respect to Lender’s decision to invest in any Cash Lenders for which the Custodian serves as Collateral Investment Directed By Lender. In that connection, Lender shall pay to Bank on demand in cash an amount equal to any deficiency in the amount of Collateral available for return to a Borrower Agent pursuant to the applicable MSLACollateral Agency Agreement, such other cash Collateral investments as are authorized by the Collateral Agency Agreement; or (iii) such investments as permitted by Schedule 5 hereto. In additionEach Lender hereby authorizes GSAL: (a) for Lenders that have appointed GSAL as Collateral Agent, to purchase or redeem any amounts, or (b) for Lenders that have appointed the extent that Bank is unable to access and/or liquidate any Cash Custodian as the Collateral Investment Directed by Lender and provided that the Bank has timely issued a redemption order Agent pursuant to the Cash Collateral Investment Directed By LenderAgency Agreement to instruct Custodian to purchase or redeem any amounts that are held, the Replacement Period under Section 7(c) shall not begin to toll until Bank is able to access and/or liquidate the Cash Collateral Investment Directed By Lender. Bank is authorized to select brokers and dealers for the execution of trades in connection with the investment of Cash Collateral, which broker or dealer may be an Affiliate of the Bank or Lender only if permitted and in accordance with the conditions in the ‘40 Act and applicable Lender’s collateral account to satisfy the rules thereunder. Bank shall not invest Cash Collateral in securities issued Lender’s obligations arising to a borrower or underwritten by, or enter into repurchase agreements with or purchase or sell Cash Collateral investments to or from Affiliates of Bank or Lender unless such securities are expressly permitted herein or by Appendix 1GSAL under this Agreement.